According to a report from the Information on Wednesday, the social media giant, Facebook will be revealing its own cryptocurrency later this month of June. It’s poised to unveil its cryptocurrency to the public later in June. There aim and purposes is to allow users to process transactions via the social media channel, and same will be available to Facebook employees who wants to be paid in the form of the cryptocurrency.
The report also added that there will be physical portals for users to purchase the cryptocurrency, according to Facebook. They are also planning to have GlobalCoin according to previous reports.
In addition, Facebook is also wants external parties to participate in the network that will empower the cryptocurrency to act as “nodes” for a fee that could be like as much as $10 million each.
The news came together with recent reports that Facebook has begun conversations with global payments providers, global regulators and crypto industry players, regarding the opportunity and the regulatory issues for its cryptocurrency project.
Facebook’s venture into financial services It has long been anticipated on Facebook entrance into financial services with the hiring of former PayPal president David Marcus to manage its Messenger app in 2014.Then by May last year, Marcus was appointed as the head of Facebook’s blockchain initiatives.
It was reported last month that Facebook will formally launch GlobalCoin in 2020 according to report , last month. It’s equally planning to start trials by the end of this year.
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